This chart shows a bearish setup XAU/USD. Price has recently retested a resistance zone around 3330–3340 after a break of structure (BOS) and multiple change of character (ChoCH) signals. The bearish rejection from this zone suggests a potential downside move. The first target is marked around 3275, indicating a short-term bearish expectation. The cloud (Ichimoku) also aligns with bearish momentum as price is currently trading near or below the cloud.
The 1st target at 3275 represents a key support level where price previously consolidated and reversed. It’s likely chosen as a take-profit zone because:
It aligns with previous structure support.
It’s the nearest significant low after the recent break of structure.
It's a conservative target, offering a favourable risk-reward ratio from the current resistance rejection.
Traders may expect price to reach this level before assessing further continuation or reversal.
The 1st target at 3275 represents a key support level where price previously consolidated and reversed. It’s likely chosen as a take-profit zone because:
It aligns with previous structure support.
It’s the nearest significant low after the recent break of structure.
It's a conservative target, offering a favourable risk-reward ratio from the current resistance rejection.
Traders may expect price to reach this level before assessing further continuation or reversal.
Trade closed: target reached
congratulation target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.